The Georgetown Company is gearing up for a big residential development on Chicago’s North Side.
The New York-based firm, led by CEO Adam Flatto, aims to replace the former Bank of America building at 1565 North Clybourn Avenue with a 37-story, 396-unit apartment tower, CoStar reported.
The Georgetown Company is seeking a zoning change to proceed with the project. Alderman Brian Hopkins, of the 2nd Ward, will host a virtual meeting on Monday to get feedback on the proposal.
The development site sits across from the NewCity shopping center, an Apple store and the CTA Red Line train station at North and Clybourn avenues. If the project receives city approval, it would mark a shift in the corridor along the ritzy Old Town and Lincoln Park neighborhoods that are dominated by shorter structures. Nearby high-rises are all below the 30-story threshold, and include the SoNo towers, the Residences at New City, and the recently completed Big Deahl tower.
Georgetown faces the challenge of garnering support from neighbors, Hopkins and Chicago City Council. In addition, securing adequate financing for the project could be troublesome due to rising interest rates and a tightening lending market.
It wouldn’t be the first time Georgetown pursued a big new development in the face of market headwinds. In New York City, the firm has been planning on constructing a 25-story, 1.1-million-square-foot office building on a site near Hudson Yards since March 2020, when the pandemic began keeping workers at home and hammering office landlords.
The Chicago development’s timetable and estimated cost are unclear. Georgetown acquired the property, which is part of a shopping center, for $64 million in 2015. The site includes an adjacent two-story retail building and a four-story parking structure, both of which will be retained according to Hopkins.
The retail structure’s largest tenant, Mitchell Gold + Bob Williams, ceased operations in August, leaving space for other tenants like Design Within Reach, Carter’s and Joybird, the outlet reported.
— Quinn Donoghue
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